Silvergate Capital Corporation Announces First Quarter 2022 Results
Silvergate Capital Corporation announced its financial results for Q1 2022, reporting a net income of $27.4 million, up from $21.4 million in Q4 2021. Net income per diluted common share rose to $0.79, compared to $0.66 in the previous quarter. Digital currency customers increased to 1,503, with average deposits at $14.7 billion. However, U.S. dollar transfers on the Silvergate Exchange Network fell 35% from the previous quarter. The company acquired blockchain payment technology assets from the Diem Group to enhance its stablecoin infrastructure, indicating strategic growth despite industry challenges.
- Net income increased to $27.4 million in Q1 2022 from $21.4 million in Q4 2021.
- Digital currency customer count reached 1,503, reflecting growth in the client base.
- Average digital currency customer deposits grew to $14.7 billion.
- Acquisition of blockchain payment technology assets enhances stablecoin infrastructure.
- U.S. dollar transfers through the Silvergate Exchange Network decreased by 35% compared to Q4 2021.
- Total deposits declined by $0.9 billion, or 6.3%, from December 31, 2021.
First Quarter 2022 Highlights
-
Net income for the quarter was
$27.4 million $21.4 million $12.7 million
-
Net income available to common shareholders for the quarter was
$24.7 million $0.79 $18.4 million $0.66 $12.7 million $0.55
-
Digital currency customers grew to 1,503 at
March 31, 2022 , compared to 1,381 atDecember 31, 2021 , and 1,104 atMarch 31, 2021
-
The Silvergate Exchange Network (“SEN”) handled
$142.3 billion U.S. dollar transfers in the first quarter of 2022, a decrease of35% compared to$219.2 billion 15% compared to$166.5 billion U.S. dollar transfers on the SEN crossed$1 trillion dollars
-
Total SEN Leverage commitments were
$1,070.1 million March 31, 2022 , compared to$570.5 million December 31, 2021 , and$196.5 million March 31, 2021
-
Digital currency customer related fee income for the quarter was
$8.9 million $9.3 million $7.1 million
-
Average digital currency customer deposits grew to
$14.7 billion $13.3 billion
-
Closed acquisition of select blockchain-based payment technology assets from the
Diem Group , further enhancing Silvergate’s existing stablecoin infrastructure
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As of or for the Three Months Ended |
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Financial Highlights |
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(Dollars in thousands, except per share data) |
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Net income |
|
$ |
27,386 |
|
|
$ |
21,391 |
|
|
$ |
12,710 |
|
Net income available to common shareholders |
|
$ |
24,698 |
|
|
$ |
18,375 |
|
|
$ |
12,710 |
|
Diluted earnings per common share |
|
$ |
0.79 |
|
|
$ |
0.66 |
|
|
$ |
0.55 |
|
Return on average assets (ROAA)(1) |
|
|
0.60 |
% |
|
|
0.50 |
% |
|
|
0.71 |
% |
Return on average common equity (ROACE)(1) |
|
|
6.87 |
% |
|
|
7.25 |
% |
|
|
9.76 |
% |
Net interest margin(1)(2) |
|
|
1.36 |
% |
|
|
1.11 |
% |
|
|
1.33 |
% |
Cost of deposits(1) |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
Cost of funds(1) |
|
|
0.01 |
% |
|
|
0.01 |
% |
|
|
0.02 |
% |
Efficiency ratio(3) |
|
|
46.74 |
% |
|
|
52.08 |
% |
|
|
63.03 |
% |
Total assets |
|
$ |
15,798,013 |
|
|
$ |
16,005,495 |
|
|
$ |
7,757,152 |
|
Total deposits |
|
$ |
13,396,162 |
|
|
$ |
14,290,628 |
|
|
$ |
7,002,371 |
|
Book value per common share |
|
$ |
42.77 |
|
|
$ |
46.55 |
|
|
$ |
28.75 |
|
Tier 1 leverage ratio |
|
|
9.68 |
% |
|
|
11.07 |
% |
|
|
9.68 |
% |
Total risk-based capital ratio |
|
|
45.01 |
% |
|
|
57.08 |
% |
|
|
54.79 |
% |
| ________________________ | ||
| (1) | Data has been annualized. |
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| (2) |
Net interest margin is a ratio calculated as net interest income, on a fully taxable equivalent basis for interest income on tax-exempt securities using the federal statutory tax rate of |
|
| (3) | Efficiency ratio is calculated by dividing noninterest expenses by net interest income plus noninterest income. |
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Digital Currency Initiative
At
Results of Operations, Quarter Ended
Net Interest Income and Net Interest Margin Analysis (Taxable Equivalent Basis)
The Company’s securities portfolio includes tax-exempt municipal bonds with tax-exempt income from these securities calculated and presented below on a taxable equivalent basis. Net interest income, net interest spread and net interest margin are presented on a taxable equivalent basis to consistently reflect income from taxable securities and tax-exempt securities based on the federal statutory tax rate of
Net interest income on a taxable equivalent basis totaled
Compared to the fourth quarter of 2021, net interest income increased
Compared to the first quarter of 2021, net interest income increased
Net interest margin for the first quarter of 2022 was
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Three Months Ended |
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Average
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Interest
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Average
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Average
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Interest
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Average
|
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Average
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Interest
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Average
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(Dollars in thousands) |
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Assets |
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Interest earning assets: |
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Interest earning deposits in other banks |
|
$ |
3,067,054 |
|
$ |
1,385 |
|
|
0.18 |
% |
|
$ |
5,282,661 |
|
$ |
2,166 |
|
|
0.16 |
% |
|
$ |
4,450,110 |
|
$ |
1,279 |
|
|
0.12 |
% |
Taxable securities |
|
|
8,492,768 |
|
|
17,779 |
|
|
0.85 |
% |
|
|
5,735,932 |
|
|
10,178 |
|
|
0.70 |
% |
|
|
850,558 |
|
|
3,592 |
|
|
1.71 |
% |
Tax-exempt securities(1) |
|
|
2,887,072 |
|
|
16,689 |
|
|
2.34 |
% |
|
|
1,728,862 |
|
|
9,454 |
|
|
2.17 |
% |
|
|
270,711 |
|
|
2,146 |
|
|
3.21 |
% |
Loans(2)(3) |
|
|
1,644,604 |
|
|
18,287 |
|
|
4.51 |
% |
|
|
1,641,345 |
|
|
17,892 |
|
|
4.32 |
% |
|
|
1,559,989 |
|
|
16,597 |
|
|
4.31 |
% |
Other |
|
|
41,751 |
|
|
203 |
|
|
1.97 |
% |
|
|
34,490 |
|
|
777 |
|
|
8.94 |
% |
|
|
15,331 |
|
|
143 |
|
|
3.78 |
% |
Total interest earning assets |
|
|
16,133,249 |
|
|
54,343 |
|
|
1.37 |
% |
|
|
14,423,290 |
|
|
40,467 |
|
|
1.11 |
% |
|
|
7,146,699 |
|
|
23,757 |
|
|
1.35 |
% |
Noninterest earning assets |
|
|
500,299 |
|
|
|
|
|
|
295,841 |
|
|
|
|
|
|
72,155 |
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Total assets |
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$ |
16,633,548 |
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|
|
$ |
14,719,131 |
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$ |
7,218,854 |
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Liabilities and Shareholders’ Equity |
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Interest bearing liabilities: |
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Interest bearing deposits |
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$ |
76,663 |
|
$ |
21 |
|
|
0.11 |
% |
|
$ |
77,564 |
|
$ |
27 |
|
|
0.14 |
% |
|
$ |
117,228 |
|
$ |
46 |
|
|
0.16 |
% |
FHLB advances and other borrowings |
|
|
71,111 |
|
|
70 |
|
|
0.40 |
% |
|
|
12 |
|
|
— |
|
|
0.00 |
% |
|
|
— |
|
|
— |
|
|
— |
|
Subordinated debentures |
|
|
15,846 |
|
|
252 |
|
|
6.45 |
% |
|
|
15,843 |
|
|
249 |
|
|
6.24 |
% |
|
|
15,832 |
|
|
245 |
|
|
6.28 |
% |
Total interest bearing liabilities |
|
|
163,620 |
|
|
343 |
|
|
0.85 |
% |
|
|
93,419 |
|
|
276 |
|
|
1.17 |
% |
|
|
133,060 |
|
|
291 |
|
|
0.89 |
% |
Noninterest bearing liabilities: |
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|
|
|
|
|
|
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Noninterest bearing deposits |
|
|
14,781,601 |
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|
|
|
13,377,552 |
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|
|
|
|
|
6,526,555 |
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Other liabilities |
|
|
36,770 |
|
|
|
|
|
|
49,023 |
|
|
|
|
|
|
30,911 |
|
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Shareholders’ equity |
|
|
1,651,557 |
|
|
|
|
|
|
1,199,137 |
|
|
|
|
|
|
528,328 |
|
|
|
|
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Total liabilities and shareholders’ equity |
|
$ |
16,633,548 |
|
|
|
|
|
$ |
14,719,131 |
|
|
|
|
|
$ |
7,218,854 |
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Net interest spread(4) |
|
|
|
|
|
0.52 |
% |
|
|
|
|
|
(0.06 |
) % |
|
|
|
|
|
0.46 |
% |
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Net interest income, taxable equivalent basis |
|
|
|
$ |
54,000 |
|
|
|
|
|
|
$ |
40,191 |
|
|
|
|
|
|
$ |
23,466 |
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Net interest margin(5) |
|
|
|
|
|
1.36 |
% |
|
|
|
|
|
1.11 |
% |
|
|
|
|
|
1.33 |
% |
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Reconciliation to reported net interest income: |
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Adjustments for taxable equivalent basis |
|
|
|
|
(3,505 |
) |
|
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|
|
|
|
(1,985 |
) |
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|
(451 |
) |
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Net interest income, as reported |
|
|
|
$ |
50,495 |
|
|
|
|
|
|
$ |
38,206 |
|
|
|
|
|
|
$ |
23,015 |
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________________________ |
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| (1) |
Interest income on tax-exempt securities is presented on a taxable equivalent basis using the federal statutory tax rate of |
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| (2) | Loans include nonaccrual loans and loans held-for-sale, net of deferred fees and before allowance for loan losses. |
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| (3) | Interest income includes amortization of deferred loan fees, net of deferred loan costs. |
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| (4) | Net interest spread is the difference between interest rates earned on interest earning assets and interest rates paid on interest bearing liabilities. |
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| (5) | Net interest margin is a ratio calculated as annualized net interest income, on a taxable equivalent basis, divided by average interest earning assets for the same period. |
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Provision for Loan Losses
The Company recorded a reversal of provision for loan losses of
Noninterest Income
Noninterest income for the first quarter of 2022 was
Noninterest income for the first quarter of 2022 increased by
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Three Months Ended |
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(Dollars in thousands) |
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Noninterest income: |
|
|
|
|
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|
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Deposit related fees |
|
$ |
8,968 |
|
|
$ |
9,378 |
|
$ |
7,124 |
Mortgage warehouse fee income |
|
|
651 |
|
|
|
684 |
|
|
954 |
(Loss) gain on sale of securities, net |
|
|
(605 |
) |
|
|
56 |
|
|
— |
Other income |
|
|
436 |
|
|
|
937 |
|
|
12 |
Total noninterest income |
|
$ |
9,450 |
|
|
$ |
11,055 |
|
$ |
8,090 |
Noninterest Expense
Noninterest expense totaled
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Three Months Ended |
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(Dollars in thousands) |
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Noninterest expense: |
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|
|
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|
|
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Salaries and employee benefits |
|
$ |
15,544 |
|
$ |
13,815 |
|
$ |
10,990 |
Occupancy and equipment |
|
|
586 |
|
|
728 |
|
|
614 |
Communications and data processing |
|
|
2,762 |
|
|
1,862 |
|
|
1,621 |
Professional services |
|
|
2,954 |
|
|
2,994 |
|
|
1,717 |
Federal deposit insurance |
|
|
1,762 |
|
|
3,100 |
|
|
2,296 |
Correspondent bank charges |
|
|
828 |
|
|
634 |
|
|
497 |
Other loan expense |
|
|
384 |
|
|
364 |
|
|
174 |
Other general and administrative |
|
|
3,198 |
|
|
2,159 |
|
|
1,697 |
Total noninterest expense |
|
$ |
28,018 |
|
$ |
25,656 |
|
$ |
19,606 |
Income Tax Expense (Benefit)
Income tax expense was
Balance Sheet
Deposits
At
Our continued growth has been accompanied by significant fluctuations in the levels of our deposits, in particular our deposits from customers operating in the digital currency industry. The Bank’s average total digital currency customer deposits during the first quarter of 2022 amounted to
Demand for new deposit accounts is generated by the Company’s banking platform for innovators that includes the SEN, which is enabled through Silvergate’s proprietary API, and other cash management solutions. These tools enable Silvergate’s customers to grow their businesses and scale operations. The following table sets forth a breakdown of the Company’s digital currency customer base and the deposits held by such customers at the dates noted below:
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Number of
|
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Total
|
|
Number of
|
|
Total
|
|
Number of
|
|
Total
|
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|
|
|
|
|
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|
|
|
|
|
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(Dollars in millions) |
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Digital currency exchanges |
|
96 |
|
|
|
94 |
|
|
|
85 |
|
|
Institutional investors |
|
966 |
|
3,109 |
|
894 |
|
4,220 |
|
695 |
|
2,166 |
Other customers |
|
441 |
|
2,126 |
|
393 |
|
1,603 |
|
324 |
|
1,634 |
Total |
|
1,503 |
|
|
|
1,381 |
|
|
|
1,104 |
|
|
________________________
(1) Total deposits may not foot due to rounding.
The weighted average cost of deposits for the first quarter of 2022, the fourth quarter of 2021 and the first quarter of 2021 was
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Three Months Ended |
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Average
|
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Average
|
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Average
|
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Average
|
|
Average
|
|
Average
|
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|
|
|
|
|
|
|
|
|
|
|
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(Dollars in thousands) |
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Noninterest bearing demand accounts |
|
$ |
14,781,601 |
|
— |
|
|
$ |
13,377,552 |
|
— |
|
|
$ |
6,526,555 |
|
— |
|
Interest bearing accounts: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest bearing demand accounts |
|
|
5,531 |
|
0.07 |
% |
|
|
7,660 |
|
0.05 |
% |
|
|
42,197 |
|
0.13 |
% |
Money market and savings accounts |
|
|
70,632 |
|
0.11 |
% |
|
|
69,364 |
|
0.14 |
% |
|
|
74,318 |
|
0.16 |
% |
Certificates of deposit |
|
|
500 |
|
0.81 |
% |
|
|
540 |
|
0.73 |
% |
|
|
713 |
|
0.57 |
% |
Total interest bearing deposits |
|
|
76,663 |
|
0.11 |
% |
|
|
77,564 |
|
0.14 |
% |
|
|
117,228 |
|
0.16 |
% |
Total deposits |
|
$ |
14,858,264 |
|
0.00 |
% |
|
$ |
13,455,116 |
|
0.00 |
% |
|
$ |
6,643,783 |
|
0.00 |
% |
Loan Portfolio
Total loans, including net loans held-for-investment and loans held-for-sale, were
|
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|
|
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|
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|
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(Dollars in thousands) |
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Real estate loans: |
|
|
|
|
|
|
||||||
One-to-four family |
|
$ |
94,161 |
|
|
$ |
105,098 |
|
|
$ |
171,045 |
|
Multi-family |
|
|
9,368 |
|
|
|
56,751 |
|
|
|
74,003 |
|
Commercial |
|
|
80,279 |
|
|
|
210,136 |
|
|
|
287,411 |
|
Construction |
|
|
— |
|
|
|
7,573 |
|
|
|
5,172 |
|
Commercial and industrial(1) |
|
|
434,960 |
|
|
|
335,862 |
|
|
|
118,598 |
|
Reverse mortgage and other |
|
|
1,137 |
|
|
|
1,410 |
|
|
|
1,346 |
|
Mortgage warehouse |
|
|
125,435 |
|
|
|
177,115 |
|
|
|
76,014 |
|
Total gross loans held-for-investment |
|
|
745,340 |
|
|
|
893,945 |
|
|
|
733,589 |
|
Deferred fees, net |
|
|
(1,884 |
) |
|
|
275 |
|
|
|
1,717 |
|
Total loans held-for-investment |
|
|
743,456 |
|
|
|
894,220 |
|
|
|
735,306 |
|
Allowance for loan losses |
|
|
(4,442 |
) |
|
|
(6,916 |
) |
|
|
(6,916 |
) |
Loans held-for-investment, net |
|
|
739,014 |
|
|
|
887,304 |
|
|
|
728,390 |
|
Loans held-for-sale(2) |
|
|
937,140 |
|
|
|
893,194 |
|
|
|
897,227 |
|
Total loans |
|
$ |
1,676,154 |
|
|
$ |
1,780,498 |
|
|
$ |
1,625,617 |
|
________________________ |
||
| (1) |
Commercial and industrial loans includes |
|
| (2) |
Loans held-for-sale includes |
|
Asset Quality and Allowance for Loan Losses
The allowance for loan losses was
Nonperforming assets totaled
|
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|
|
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|
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|
|
|
|
||||||
Asset Quality |
|
(Dollars in thousands) |
||||||||||
Nonperforming Assets: |
|
|
|
|
|
|
||||||
Nonaccrual loans |
|
$ |
3,632 |
|
|
$ |
4,003 |
|
|
$ |
5,269 |
|
Troubled debt restructurings |
|
$ |
1,703 |
|
|
$ |
1,713 |
|
|
$ |
1,484 |
|
Other real estate owned, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Nonperforming assets |
|
$ |
3,632 |
|
|
$ |
4,003 |
|
|
$ |
5,269 |
|
|
|
|
|
|
|
|
||||||
Asset Quality Ratios: |
|
|
|
|
|
|
||||||
Nonperforming assets to total assets |
|
|
0.02 |
% |
|
|
0.03 |
% |
|
|
0.07 |
% |
Nonaccrual loans to total loans(1) |
|
|
0.49 |
% |
|
|
0.45 |
% |
|
|
0.72 |
% |
Net charge-offs (recoveries) to average total loans(1) |
|
|
0.00 |
% |
|
|
0.00 |
% |
|
|
0.00 |
% |
Allowance for loan losses to total loans(1) |
|
|
0.60 |
% |
|
|
0.77 |
% |
|
|
0.94 |
% |
Allowance for loan losses to nonaccrual loans |
|
|
122.30 |
% |
|
|
172.77 |
% |
|
|
131.26 |
% |
________________________
(1) Loans exclude loans held-for-sale at each of the dates presented.
Securities
The total securities portfolio increased
Capital Ratios
At
At
At
Capital Ratios(1) |
|
|
|
|
|
|
The Company |
|
|
|
|
|
|
Tier 1 leverage ratio |
|
9.68 % |
|
11.07 % |
|
9.68 % |
Common equity tier 1 capital ratio |
|
38.97 % |
|
49.53 % |
|
53.03 % |
Tier 1 risk-based capital ratio |
|
44.84 % |
|
56.82 % |
|
54.23 % |
Total risk-based capital ratio |
|
45.01 % |
|
57.08 % |
|
54.79 % |
Common equity to total assets |
|
8.56 % |
|
8.84 % |
|
9.20 % |
The Bank |
|
|
|
|
|
|
Tier 1 leverage ratio |
|
9.51 % |
|
10.49 % |
|
9.50 % |
Common equity tier 1 capital ratio |
|
44.28 % |
|
53.89 % |
|
53.24 % |
Tier 1 risk-based capital ratio |
|
44.28 % |
|
53.89 % |
|
53.24 % |
Total risk-based capital ratio |
|
44.45 % |
|
54.15 % |
|
53.80 % |
________________________
(1)
Asset Purchase and Issuance of Common Stock
On
Under the terms of the Purchase Agreement, the aggregate purchase price for the acquired assets consisted of (i)
Subsequent Event
On
Conference Call and Webcast
The Company will host a conference call on
Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of the Company's website at https://ir.silvergate.com. The online replay will remain available for a limited time beginning immediately following the call.
About Silvergate
Forward Looking Statements
Statements in this earnings release may constitute forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “should,” “could,” “predict,” “potential,” “believe,” “will likely result,” “expect,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “project,” “projection,” “forecast,” “goal,” “target,” “would,” “aim” and “outlook,” or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry and management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. The inclusion of these forward-looking statements should not be regarded as a representation by us or any other person that such expectations, estimates and projections will be achieved. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. For information about other important factors that could cause actual results to differ materially from those discussed in the forward-looking statements contained in this release, please refer to the Company's public reports filed with the
While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements: changes in general economic, political, or industry conditions; geopolitical concerns, including the ongoing war in
Any forward-looking statement speaks only as of the date of this earnings release, and we do not undertake any obligation to publicly update or review any forward-looking statement, whether because of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for us to predict their occurrence. In addition, we cannot assess the impact of each risk and uncertainty on our business or the extent to which any risk or uncertainty, or combination of risks and uncertainties, may cause actual results to differ materially from those contained in any forward-looking statements.
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
|
|
|
|
|
|
|
|
|
Interest earning deposits in other banks |
|
1,178,205 |
|
5,179,753 |
|
3,615,860 |
|
4,415,458 |
|
4,315,100 |
Cash and cash equivalents |
|
1,385,509 |
|
5,387,946 |
|
3,784,488 |
|
4,468,317 |
|
4,331,522 |
Trading securities, at fair value |
|
— |
|
— |
|
— |
|
26,998 |
|
1,990 |
Securities available-for-sale, at fair value |
|
9,463,494 |
|
8,625,259 |
|
7,234,216 |
|
6,176,778 |
|
1,717,418 |
Securities held-to-maturity, at amortized cost |
|
2,751,625 |
|
— |
|
— |
|
— |
|
— |
Loans held-for-sale, at lower of cost or fair value |
|
937,140 |
|
893,194 |
|
818,447 |
|
748,577 |
|
897,227 |
Loans held-for-investment, net of allowance for loan losses |
|
739,014 |
|
887,304 |
|
809,745 |
|
740,155 |
|
728,390 |
Federal home loan and federal reserve bank stock, at cost |
|
61,719 |
|
34,010 |
|
34,010 |
|
29,460 |
|
14,851 |
Accrued interest receivable |
|
62,573 |
|
40,370 |
|
32,154 |
|
24,505 |
|
9,432 |
Premises and equipment, net |
|
1,678 |
|
3,008 |
|
1,483 |
|
1,604 |
|
1,758 |
Intangible assets |
|
189,977 |
|
— |
|
— |
|
— |
|
— |
Derivative assets |
|
46,415 |
|
34,056 |
|
37,210 |
|
39,454 |
|
34,442 |
Other assets |
|
158,869 |
|
100,348 |
|
24,868 |
|
33,628 |
|
20,122 |
Total assets |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Noninterest bearing demand accounts |
|
|
|
|
|
|
|
|
|
|
Interest bearing accounts |
|
72,627 |
|
77,156 |
|
76,202 |
|
80,918 |
|
113,090 |
Total deposits |
|
13,396,162 |
|
14,290,628 |
|
11,662,520 |
|
11,371,556 |
|
7,002,371 |
Federal home loan bank advances |
|
800,000 |
|
— |
|
— |
|
— |
|
— |
Subordinated debentures, net |
|
15,848 |
|
15,845 |
|
15,841 |
|
15,838 |
|
15,834 |
Accrued expenses and other liabilities |
|
39,507 |
|
90,186 |
|
26,179 |
|
31,575 |
|
25,326 |
Total liabilities |
|
14,251,517 |
|
14,396,659 |
|
11,704,540 |
|
11,418,969 |
|
7,043,531 |
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
Preferred stock |
|
2 |
|
2 |
|
2 |
|
— |
|
— |
Class A common stock |
|
316 |
|
304 |
|
265 |
|
265 |
|
248 |
Class B non-voting common stock |
|
— |
|
— |
|
— |
|
— |
|
— |
Additional paid-in capital |
|
1,553,547 |
|
1,421,592 |
|
891,611 |
|
697,070 |
|
551,798 |
Retained earnings |
|
218,558 |
|
193,860 |
|
175,485 |
|
151,993 |
|
131,058 |
Accumulated other comprehensive (loss) income |
|
(225,927) |
|
(6,922) |
|
4,718 |
|
21,179 |
|
30,517 |
Total shareholders’ equity |
|
1,546,496 |
|
1,608,836 |
|
1,072,081 |
|
870,507 |
|
713,621 |
Total liabilities and shareholders’ equity |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
Three Months Ended |
|||||||||
|
|
|
|
|
|
|
|||||
Interest income |
|
|
|
|
|
|
|||||
Loans, including fees |
|
$ |
18,287 |
|
|
$ |
17,892 |
|
$ |
16,597 |
|
Taxable securities |
|
|
17,779 |
|
|
|
10,178 |
|
|
3,592 |
|
Tax-exempt securities |
|
|
13,184 |
|
|
|
7,469 |
|
|
1,695 |
|
Other interest earning assets |
|
|
1,385 |
|
|
|
2,166 |
|
|
1,279 |
|
Dividends and other |
|
|
203 |
|
|
|
777 |
|
|
143 |
|
Total interest income |
|
|
50,838 |
|
|
|
38,482 |
|
|
23,306 |
|
Interest expense |
|
|
|
|
|
|
|||||
Deposits |
|
|
21 |
|
|
|
27 |
|
|
46 |
|
Federal home loan bank advances |
|
|
70 |
|
|
|
— |
|
|
— |
|
Subordinated debentures and other |
|
|
252 |
|
|
|
249 |
|
|
245 |
|
Total interest expense |
|
|
343 |
|
|
|
276 |
|
|
291 |
|
Net interest income before provision for loan losses |
|
|
50,495 |
|
|
|
38,206 |
|
|
23,015 |
|
Reversal of provision for loan losses |
|
|
(2,474 |
) |
|
|
— |
|
|
— |
|
Net interest income after provision for loan losses |
|
|
52,969 |
|
|
|
38,206 |
|
|
23,015 |
|
Noninterest income |
|
|
|
|
|
|
|||||
Deposit related fees |
|
|
8,968 |
|
|
|
9,378 |
|
|
7,124 |
|
Mortgage warehouse fee income |
|
|
651 |
|
|
|
684 |
|
|
954 |
|
(Loss) gain on sale of securities, net |
|
|
(605 |
) |
|
|
56 |
|
|
— |
|
Other income |
|
|
436 |
|
|
|
937 |
|
|
12 |
|
Total noninterest income |
|
|
9,450 |
|
|
|
11,055 |
|
|
8,090 |
|
Noninterest expense |
|
|
|
|
|
|
|||||
Salaries and employee benefits |
|
|
15,544 |
|
|
|
13,815 |
|
|
10,990 |
|
Occupancy and equipment |
|
|
586 |
|
|
|
728 |
|
|
614 |
|
Communications and data processing |
|
|
2,762 |
|
|
|
1,862 |
|
|
1,621 |
|
Professional services |
|
|
2,954 |
|
|
|
2,994 |
|
|
1,717 |
|
Federal deposit insurance |
|
|
1,762 |
|
|
|
3,100 |
|
|
2,296 |
|
Correspondent bank charges |
|
|
828 |
|
|
|
634 |
|
|
497 |
|
Other loan expense |
|
|
384 |
|
|
|
364 |
|
|
174 |
|
Other general and administrative |
|
|
3,198 |
|
|
|
2,159 |
|
|
1,697 |
|
Total noninterest expense |
|
|
28,018 |
|
|
|
25,656 |
|
|
19,606 |
|
Income before income taxes |
|
|
34,401 |
|
|
|
23,605 |
|
|
11,499 |
|
Income tax expense (benefit) |
|
|
7,015 |
|
|
|
2,214 |
|
|
(1,211 |
) |
Net income |
|
|
27,386 |
|
|
|
21,391 |
|
|
12,710 |
|
Dividends on preferred stock |
|
|
2,688 |
|
|
|
3,016 |
|
|
— |
|
Net income available to common shareholders |
|
$ |
24,698 |
|
|
$ |
18,375 |
|
$ |
12,710 |
|
Basic earnings per common share |
|
$ |
0.79 |
|
|
$ |
0.67 |
|
$ |
0.56 |
|
Diluted earnings per common share |
|
$ |
0.79 |
|
|
$ |
0.66 |
|
$ |
0.55 |
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|||||
Basic |
|
|
31,219 |
|
|
|
27,527 |
|
|
22,504 |
|
Diluted |
|
|
31,401 |
|
|
|
27,744 |
|
|
23,010 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220419005178/en/
Investor Relations:
858-200-3782
investors@silvergate.com
Source:
FAQ
What was Silvergate's net income for Q1 2022?
How many digital currency customers does Silvergate have as of Q1 2022?
What was the average deposit amount for digital currency customers in Q1 2022?
How much did U.S. dollar transfers on the Silvergate Exchange Network decrease in Q1 2022?
What acquisition did Silvergate complete in early 2022?
